Bridge Loan For Multifamily Property

Loan Type:
Bridge Loan
Loan Amount:
$25,895,000
Loan Term:
3 YR
Amortization:
Interest Only
Recourse:
Non-Recourse
LTV:
73%

Challenges

• This vacant apartment complex was in disrepair and needed a total gut renovation. The plan included adding a concierge lobby, two new elevators, meeting space and a 1,400 square-foot gym within an atrium connecting the buildings.

• The complex had to follow specific redevelopment guidelines in order to take advantage of the city’s tax abatement program.

• Multi-phase business plan required extensive work on the property.

Solutions

This loan provided the borrower with the renovation money required to rehab the entire complex.

Ken Wood

Money360

View Bio

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